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Monday December 10, 2007
A Verdict on the Undercard
The U.S. Supreme Court last week ruled unanimously that railroads have the right to challenge the way states calculate their property taxes, in a challenge to Georgia's valuation of the CSX Railway's lines in the state. The dollars at stake are not tiny, but they won't make or break any Georgia government's finances, either. Rather, the case is remarkable to the muni market mainly because it was the first case heard on Nov. 5th, when the justices also heard arguments in Kentucky v. Davis, which challenges the near-universal practice of states exempting interest on bonds from issuers within their borders from their own state income taxes.
The Davis ruling is still expected early next year. The justices seemed sympathetic to the status quo during the oral arguments last month, but it ain't over until the ink is dry...
Posted by bondbuyer [Tax Status and Policy] ( December 10, 2007 08:56 PM ) Permalink | Comments[0]
Market Close: Munis Slightly Weaker At Close
NEW YORK - The municipal market was slightly weaker today, following Treasuries. Traders said tax-exempt yields were higher by about two basis points overall. To read the column in its entirety, go to The Bond Buyer web site.
Posted by bondbuyer [Today's BB Highlights] ( December 10, 2007 04:10 PM ) Permalink | Comments[0]
Calif. Market Close: Tax-Exempts Finish Slightly Weaker
NEW YORK - The California municipal market was slightly weaker today, following Treasuries. "It’s been pretty quiet, but there’s some clear weakness in the market," a trader in Los Angeles said. "I’d say it’s down about two basis points."
To read the column in its entirety, go to The Bond Buyer web site.
Michael.Scarchilli-AT-sourcemedia-DOT-com
Posted by bondbuyer [Today's BB Highlights] ( December 10, 2007 04:00 PM ) Permalink | Comments[0]
Market Post: Munis Slightly Weaker In Afternoon Trade
The municipal market was slightly weaker today, following Treasuries. Traders said tax-exempt yields were higher by about two basis points overall.
“It’s fairly quiet. We’re seeing things a little bit cheaper,” a trader in New York said. “It’s not terribly cheaper, but it’s some carryover from the weakness we had Thursday and Friday. People are going to be getting into holiday mode soon, though. By the end of next week, activity will be pretty dead and the new issue market will have fallen off for the year.”
To read the column in its entirety, go to The Bond Buyer web site.
Michael.Scarchilli-AT-sourcemedia-DOT-com
Posted by gsiegel [Today's BB Highlights] ( December 10, 2007 02:18 PM ) Permalink | Comments[0]
Market Post: Munis Unch to Slightly Weaker In Morning Trade
The municipal market was unchanged to slightly weaker this morning, following Treasuries.
“It’s fairly quiet. We’re seeing things a little bit cheaper,” a trader in New York said. “It’s not terribly cheaper, but it’s some carryover from the weakness we had Thursday and Friday. People are going to be getting into holiday mode soon, though. By the end of next week, activity will be pretty dead and the new issue market will have fallen off for the year.”
To read the column in its entirety, go to The Bond Buyer web site.
Michael.Scarchilli-AT-sourcemedia-DOT-com
Posted by gsiegel [Today's BB Highlights] ( December 10, 2007 11:10 AM ) Permalink | Comments[0]
Market Post: Munis Open Unch to Slightly Firmer
The municipal market was unchanged to slightly firmer this morning, following Treasuries.
Trading activity, as reported by the Municipal Securities Rulemaking Board, was light this morning.
To read the column in its entirety, go to The Bond Buyer web site.
Michael.Scarchilli-AT-sourcemedia-DOT-com
Posted by gsiegel [Today's BB Highlights] ( December 10, 2007 09:56 AM ) Permalink | Comments[0]